Societe Generale raises Brent crude price forecasts
17/04/2024
Argaam
Oil drilling rigs
Societe Generale said the current geopolitical risks are likely to become embedded in crude prices for the foreseeable future, according to a recent note.
Accordingly, the French bank raised its Brent and WTI forecast to $91 and $87.5 per barrel, respectively, in the second quarter of the year.
It also expects Brent to average $86.8 and WTI to reach $83.3 a barrel in 2024.
Elsewhere, JP Morgan said in a separate note, “Beyond the short-term spike induced by geopolitics, our base case for oil remains a $90 Brent through May.”
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